Mandated FinCEN Reporting Requirements For Beneficial Ownership
Michael W Long CPA/PFS, CPFA
Empowering you to address your goals and pursue life on your own terms | Business & Personal Accounting, Tax Strategy, Financial Planning Expertise.
Many companies operating in the United States are mandated to report information regarding their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This legal requirement aims to enhance transparency and combat illicit activities such as money laundering, tax evasion, and terrorist financing.?
You can try to complete this information on your own. When you have completed this information send a copy to your attorney and to us for record.
Beneficial owners are individuals who directly or indirectly own or control a certain percentage of a company. Typically, this threshold is set at 25% ownership, but it can vary depending on specific regulations. Control can also be defined as having significant influence over company decisions or operations, even without majority ownership.
The entities required to report beneficial ownership information to FinCEN include:
The FinCEN reporting requirements for beneficial ownership are a critical component of the broader effort to combat financial crimes and enhance corporate transparency. Companies must understand and comply with these requirements to avoid penalties and contribute to the integrity of the financial system. By maintaining accurate and up-to-date ownership information, businesses can foster a more transparent and trustworthy environment for all stakeholders.
Ph: 513-245-0300